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Netflix Faces $619 Million Tax Charge
Netflix (NASDAQ: NFLX) reported a significant miss in earnings due to a one-time $619 million tax charge related to a recent court ruling in Brazil. This unexpected expense resulted in a $48.8 billion drop in the company’s market value, marking a substantial loss for investors.
The tax issue impacted Netflix’s operating margin, causing a $380 million loss in operating profit. The company’s stock fell 10.1% the day after the earnings report, which was the first earnings miss since January 2024, with trading volume reaching seven times its average.
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